There’s no point in sugar-coating it: minor, bullish impulse legs on the daily chart have not been strong enough to reverse the horrific carnage in U.S. Bond markets. Absent some hitherto unimagined turn of affairs, we should expect TLT’s slide to continue down to the 77.49 target shown, at least. The short-lived rally in early April to the green line triggered a theoretically profitable short, so we know the pattern is working. It now says p2=81.64 will be the next stop on the way down, so let’s use that as a minimum downside objective for now,